BRAZIL: Wal-Mart to invest $649m in Brazil - report

The retail giant Wal-Mart is looking to build 36 new outlets in Brazil as well as a distribution centre, with an investment of 1.2 billion reais (US$649 million) in the country.

Speaking a news conference in Brasilia, the CEO of Wal-Mart's Brazilian unit Vicente Trius, was quoted by Reuters saying: "We are very committed to growth in Brazil. It is a strategic market for Wal-Mart."

The new stores will include a variety of formats - including hypermarkets, supmarkets and wholesale outlets - in a variety of geographical locations.

The report said that the company would be focusing on on low-income consumers via Wal-Mart chains like Todo Dia and Maxxi.

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